📢📢63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K 💵

Bitcoin $BTC $70,823 could be on track to the psychological $100,000 mark as the “digital gold” narrative gains more prominence amind another banking crisis looming in the United States. 

At least 63 U.S. banks were on the brink of insolvency in the first quarter of 2024, up from 52 banks on the “Problem Bank List” during the third quarter of 2023, according to the Federal Deposit Insurance Corporation’s (FDIC) quarterly report published on May 29.

Moreover, the banks are collectively sitting on $517 billion worth of unrealized losses, up $39 billion from the previous quarter. This marks the ninth consecutive month of “unusually high unrealized losses,”

The health of the U.S. banking system has been a growing concern since March 2023 following the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after Silvergate Bank’s liquidation.

In response to the collapses, the Federal Reserve created the Bank Term Funding Program, offering banking loans of up to a year in return for posting “qualifying assets” as collateral.

This emergency measure was what started the Bitcoin bull run in 2023.

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